The iconic Staples Center in downtown Los Angeles will soon be renamed Crypto.com Arena in what is reportedly one of the most expensive renaming deals in history.
Crypto.com, a Singapore-based cryptocurrency platform, and AEG — the owner and operator of the arena — announced the deal in a Tuesday press release.
The cryptocurrency company paid upwards of $700 million for the 20-year naming rights deal, sources told the Los Angeles Times.
The agreement represents one of the largest of its kind, though in 2017 Scotiabank shelled out $800 million for the naming rights of the Toronto arena where the Maples Leafs and Raptors play, CBC had reported.
Staples Center, home to four professional sports teams, including the Los Angeles Lakers, will be officially renamed on Christmas Day.
The new logo, along with signage inside the arena, will be unveiled that day when the Lakers host the Brooklyn Nets.
The renaming of all outdoor signs is expected to be completed by next June.
This post was originally published on Market Watch
